March 28 Fca
* Fca statement on fair treatment of long standing customers
in life insurance
* We will be looking at how people in closed accounts are
* work on fair treatment of long standing customers in life
insurance is a supervisory piece of work. We enter into this
work to gain a better understanding of how this area functions.
* Not planning to individually review 30million policies,
nor do we intend to look at removing exit fees from those
policies providing they were compliant at time
* Will be reviewing a representative sample of firms who we
expect to look at whether they are treating their customers
* Want to examine areas that are of interest and relevance
to consumers and to firms and assess whether there is an issue
that requires any action. No conclusions have been reached as
work has not started.
* work will commence in summer and we will be speaking to
firms about how we can undertake that review.
* No conclusions have been reached as work has not started.
* We are not looking at applying current standards
retrospectively - for example on exit charges
Further company coverage: